If you are doing business in the U.S. as a non-resident or planning to incorporate one, you may need to get a DUNS number if you answer yes. It’s like a unique code that helps businesses and government agencies recognize and track your company.
If you want to do business with the government or apply for loans or grants, you probably need a DUNS number. Having a DUNS number can be useful even if you don’t need to do those things.
Not sure what a DUNS number is or how it works? No worries! This blog will explain everything you need to know about DUNS numbers and their impact on businesses.
What Is the DUNS Number?
First, let’s define a DUNS number.
Simply put, the DUNS number is a unique nine-digit identifier number. It’s useful for keeping track of basic facts about a company, like its name, address, phone number, employee count, and line of business. Dun & Bradstreet is a global business database and information services provider. The number is the common and easiest way to obtain business information in the U.S.
Dun & Bradstreet is an organization that compiles and distributes data about companies worldwide.
A company’s DUNS number represents the company’s uniqueness in the Dun & Bradstreet Data Cloud. Having accurate information about a company is the first step in establishing its legal corporate identity.
Understanding the DUNS Number
For identifying businesses in the United States, Dun & Bradstreet issues the DUNS number the most frequently. In its database, these are assigned to a single business entity at each business location, which creates a business profile that includes a company’s name, phone number, postal address, number of employees, line of business, and other pertinent corporate information.
Dun & Bradstreet developed its universal numbering system in 1963 to identify businesses as part of its business credit reporting system. DUNS was adopted as the standard business identifier for federal government electronic commerce in 1994.
D&B uses this specific reference to connect the information to a particular company. Using this DUNS number, other businesses can search for information, ask questions, and use D&B services related to that company.
The DUNS number makes your company searchable in the Dun & Bradstreet Data Cloud. You will need a DUNS number for business credit in almost every business.
3 Reasons Why You Need a Duns Number for Your Business
As a business owner, getting a DUNS number has many advantages. Here are three reasons why you need a DUNS number for your business:
- You Can Confirm Your Company’s Identity Using a DUNS Number.
A DUNS number is like an ID card for your business. It protects your business name from being similar to others. The theft of a company’s identity can cause just as many problems as the theft of a person’s ID.
Though this does not guarantee safety from identity theft, it does identify your company as different from others who might use a similar name. By getting a DUNS number, you can show that your business is real and claim your credit profile. This also allows you to monitor your business’s information for any wrongdoings.
- A DUNS Number Might Improve Your Company’s Creditworthiness.
The lender might ask for your DUNS number during the application for your loan. This number helps them find information about your business and personal details to decide whether to give you a loan based on your business credit history rather than just your personal credit score.
You can give them your DUN-S number if you work with another business. This shows that your business is real and has a good credit history. Similarly, you can ask for another company’s DUNS number to see if they are trustworthy. Having a strong business credit history and a DUNS number can improve your chances of getting a loan or finding reliable business partners.
- A DUNS Number Is Required for Some Small Business Grants.
Funding for small businesses often requires extensive paperwork and research. Some companies may ask for your DUNS number when you apply for a grant. It may take approximately six weeks for Dun and Bradstreet to give you your DUNS number. This wait could mean you don’t apply for the grant on time. You can apply for the grant faster if you already have a DUNS number. Not every grant needs a DUNS number, but some do.
The Use of a DUNS Number
The DUNS number is first and foremost required when applying for government grants or contracts. This ID serves a purpose for the federal government beyond simply being a requirement if you want to start doing business with the government. It is used to establish creditworthiness in commercial credit reporting.
Lenders and potential business partners frequently use this to predict an entity’s dependability and/or financial stability. Your vendors can use the DUNS number to report your credit limit, payments, and years of doing business to Dun & Bradstreet.
As part of the application process, any company that wishes to join the Apple Developer Program must provide its DUNS number.
Who Is Eligible for a DUNS Number?
Any entity can apply for and receive a DUNS number, regardless of its national or international business, for-profit or non-profit status, government affiliation, or foreign ownership. There are no geographical or sectoral limitations or minimum company size mandates for obtaining a DUNS number.
However, individuals who are not conducting business or don’t have any business activities are not eligible to obtain a DUNS number.
Who Needs a DUNS Number?
- You need a DUNS number if you want to collaborate, get government funding, or sign a contract.
- You need a DUNS number to apply for a federal grant or cooperative agreement unless you’re a sole proprietor. The federal government mandates this.
- Many American business owners have employer identification numbers (EINs). An EIN’s usefulness is limited to the domestic market, though. Because a DUNS number may be used all around the world, it will become increasingly valuable to your company as it grows. This will help you expand your business globally. In addition, an EIN will only reveal the business’s owners, whereas a DUNS number will reveal information about the entire company.
Should I Get a DUNS Number?
To be honest, your business can benefit from the DUNS number. Getting a DUNS number can be the right step to showcase their creditworthiness and build important corporate partnerships. Without Duns’ number, it’s difficult to apply for loans or credit and give your business an edge in growth. A DUNS number may also be necessary to register for or apply for certain programs or services on some e-commerce platforms and marketplaces, like Walmart.
How Do You Get a DUNS Number?
We know you may be thinking now about how to get this number. The very first step in this procedure is to be sure that D&B has not already created a DUNS number for you. If your business has an existing DUNS number, you can confirm your identity to gain access to your credit report and update your financial records.
You can start requesting one if you don’t already have one. Therefore, you will have to provide Dun & Bradstreet with the following information:
- Headquarters name and address for your organization.
- Doing business as (DBA) or another name by which your organization is commonly known or recognized.
- Physical Address, City, State, and Zip Code.
- The mailing address (if separate from headquarters and/or the physical address).
- Telephone Number.
- Contact name and title.
- Number of employees at your physical location.
Benefits of Having a DUNS Number
The DUNS number brings many benefits to the customer, such as:
- Having a DUNS number can help you establish your business credit.
- Using the DUNS number, you can track your credit report and information about your business.
- With your business’s DUNS number, you can gain a positive credit profile to fund your business.
- A DUNS number makes it easier for companies to assess your creditworthiness and financial risk, making your business more attractive for partnerships.
- Suppose you use the Apple Developer Program or the Apple Developer Enterprise Program. In that case, the DUNS number will be used to check your organization’s identity and legal entity status as part of its enrollment verification process.
- For enrollment as a Walmart Warehouse Supplier or Drop Ship Vendor, you must have your DUNS Number, among other corporate information.
- A DUNS number helps you get an SSL certificate quicker for e-commerce.
Can I Use a DUNS Number as an Alternative to My Social Security Number?
A DUNS number is not enough to get a loan or credit card for your business. You need to provide your EIN and sometimes your SSN as well. This is because only business owners or authorized treasurers can apply for credit, not the business itself. DUNS numbers are just extra information to help identify you. You will also have to share more information to prove who you are.
How Does the DUNS Number Impact My Business?
Are you wondering now how a DUNS number impacts a business? A DUNS number will positively impact your business with large companies, whether or not you want to register as a supplier.
Establishing trust with your suppliers and customers is crucial for your business’s reputation and success, which could help you negotiate better deals and save money. A good rating can improve financing rates and lead to more favorable terms with lenders, suppliers, and vendors. Also, other businesses can quickly look up your DUNS number and use it to decide whether to work with you.
So it’s something to consider for levelling up your business!
If you’re still confused, you can talk to a business expert who can give you proper guidance and tell you whether it would be helpful for you to get a DUNS number for free. It would be wise to apply for one now, even if you need clarification on its necessity now or later.
How Do I Get a DUNS Number from Business Globalizer?
You need a D-U-N-S number if you own a US company, invest abroad, or want to sell online. As a non-US resident, you may have trouble applying. Using this information, a professional business specialist can help you create your company’s credit report.
Business Globalizer is a trustworthy service provider. We can preserve your information with 100% certainty. We are focused on helping non-residents and foreign entrepreneurs achieve their goals.
Over 500 businesses have placed their confidence in Business Globalizer as a DUNS number service provider. For future queries, you can contact [email protected].
FAQ on Everything You Need to Know About DUNS Numbers for Business
Q1: Who issues the DUNS number?
Answer: DUNS numbers are issued by Dun & Bradstreet.
Q2: What is Dun & Bradstreet?
Answer: Dun & Bradstreet (D&B) is a company that gathers and disseminates data about companies worldwide.
Q3: How much does a DUNS number cost?
Answer: You can get a DUNS number at a budget-friendly price.
Q4: How do I look up my DUNS number?
Answer: You can find your company’s DUNS number using the DUNS Number Lookup at the top of Dun & Bradstreet’s official website.
Q5: How long does it take to get a DUNS number?
Answer: It only takes thirteen days to get a DUNS number.
Q6: Do I need a DUNS number for my LLC?
Answer: A DUNS number might be necessary for an LLC-registered business to collaborate with or provide services to other corporations. A DUNS may be necessary once entering into a partnership or service agreement.
Wrapping Up
In summary, having a DUNS number can greatly benefit your business. It helps establish your business’s creditworthiness and provides valuable information to potential partners and lenders. With a DUNS number, you can access various business advantages, increase your credibility, and stand out from the competition.
That’s all. Don’t wait to apply for a DUNS number and see its positive impact on your business!
